EquityPandit’s Outlook for Zinc for the week  (Sep 17, 2018 – Sep 21, 2018) :

ZINC:

ZINC closed the week on a negative note losing around 4.30%.

As we have mentioned last week, that minor support for the commodity lies around 172 to 174. Support for the commodity lies in the zone of 164 to 167 where long term Fibonacci levels and low for the month of August-2018 are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 150 to 155 where the commodity has formed a bottom in the month of June-2017. During the week the commodity manages to hit a low of 166 and close the week around the levels of 166.

Support for the commodity lies in the zone of 164 to 167 where long term Fibonacci levels and low for the month of August-2018 are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 150 to 155 where the commodity has formed a bottom in the month of June-2017.

Minor resistance for the commodity lies around 170 to 173. Resistance for the commodity lies in the zone of 178 to 180 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 185 to 187 where high for the month of August-2018 is lying.

Broad range for the commodity in the coming week can be seen between 155 – 160 on downside & 175 – 178 on upside.